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Until 2008, most people had never heard the term “short sale.” Unfortunately, in the years since, it has become a phrase that almost everyone is familiar with.
Last month I talked about the greatest force driving our market, which is inventory – or, more specifically, the lack of inventory. As long as there are more buyers than sellers, there will always be an upward pressure on prices and that’s definitely what we’ve seen on the Plateau during the first five months of 2013. There is something offsetting that pressure, though, and that is the appraisal process.